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sports betting wagering innovator launches brand-new start-up
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17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective technology teams is beginning once again with a brand-new firm - and has secured the biggest initial financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting website FanDuel in 2009 in Edinburgh.
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The brand-new firm has seed funding of $21m.
It intends to release a open source software application platform, on which others can innovate in sports betting, in the first half of next year.
The company is hiring personnel from a base in Scotland.
FanDuel was sold to Flutter - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later stage investors over the method in which they structured a takeover, which left the Edinburgh team without a share of the increasing valuation.
Mr Eccles stated that a person thing he gained from the FanDuel experience was to select financiers carefully.
He informed BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we select as investors in this brand-new service, to guarantee their worths are aligned with ours, that they take their fiduciary tasks properly, which they're the ideal partners for us."
The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation firms, including 2 large funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting market charges high costs for bad items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this technique. We will successfully complete versus incumbents with a significantly superior product and low costs, which is now possible with the development of the blockchain innovation."
As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters used to existing online companies.
'Pool of talent'
However, he says that those who utilize its platform to run their own wagering companies will be able to innovate and create a larger series of wagering products.
He stated the common share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to allow for that to fall listed below 1%.
The business will develop its own wagering apps to run on the platform.
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Mr Eccles stated these would take an "intelligent, thoughtful" technique to the way they are marketed to protect those who have problem with issue gambling.
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He stated the team of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it remains the place to build a firm. BetDEX has the exact same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was developed on a highly experienced, very talented engineering group, that constructed this product that might process countless bets and countless users.
"There's a real talent swimming pool of experienced engineers who helped us construct our item and that's what we wish to take advantage of for BetDEX also."
Related subjects
Edinburgh
Sports betting
More on this story
Paddy Power purchases dream sports betting website
23 May 2018
FanDuel creator leaves business
Published
20 November 2017
1
Sports Betting Innovator Launches Brand-new Start-up
arlentsx783352 edited this page 2025-01-02 14:16:13 +08:00